POWAY SCHOOLS TO PAY FOR BOND DEAL REVIEW

The superintendent of the Poway Unified School District announced Monday night the district will contract for an independent review of the 2011 bond deal that has roused the ire of local taxpayers in recent weeks.

The deal provided the district with $105 million in construction funds upfront, with a payback of $981 million by 2051.

The district has stood by the deal, saying it is one piece of its larger bond program and financing that have successfully delivered promised projects to voters. Concerns about repayment, they say, are ill-conceived as inflation and rising property values will ease the repayment schedule.

“We are true believers in self-policing and are always open to further examination of our decisions,” Superintendent John Collins said. “We realize that it’s not good enough to say that we believe we acted in good faith, with the best industry-expert advice and counsel; we want to take it a step further. The district is not seeking validation of its actions; it’s seeking answers to key questions.”

Those questions, according to Collins, are:

• Did the district act responsibly upon the market information it was given at the time of decision?

• Was the district given advice and counsel based on the highest industry standards?

• Are there any issues of integrity with any parties involved in the transaction?

• Were the fees paid to the parties involved at or below industry standards?

• Were the processes that were followed acceptable industry standards?

Tapped for the job is FBI agent-turned-private investigator Bob Price of San Diego-based ESI International. The district’s statement did not say how much Price was to be paid or how long it would take. District officials did not respond to requests for those specifics. ESI staff did not respond to requests for comment.